U.S. job growth blows past forecasts, setting stage for Fed rate hikes

The U.S. economy added 172,000 jobs in May, nearly double economists’ expectations, strengthening the case for Federal Reserve rate hikes this year.

The unemployment rate held steady at 4.3%, according to data released Friday by the Bureau of Labor Statistics.

Bitcoin BTC$61,368.12 remained under pressure following the report, trading below $62,000 as the broader crypto market nursed steep overnight declines.

The 10-year Treasury yield jumped to 4.52% following the report. U.S. equity index futures were also lower, the Nasdaq 100 index down 1.2%. Oil prices edged modestly lower at $94 per barrel, while